Atlas Energy Group shares fall more than 42%.
A painful sell-off of Atlas Energy Group yesterday saw shares fall more than 42%. The sell-off comes a day after the stock rallied more than 19% on news that hedge fund manager Leon Cooperman had purchased 1,277,162 shares. The purchase was disclosed in a Form 4 Filing with the SEC. The stock hit a quarterly high during Tuesday’s trading session.
The Securities and Exchange Commission is preparing for its case against Leon Cooperman, the leader of Omega Advisors. The hedge fund manager is facing insider trading charges for information he acquired on Atlas Partners.
The SEC alleges that Cooperman accessed illegal and non-public information tied to a firm called Atlas Pipeline Partners. The firm would later be part of a merger between Atlas Energy and the midstream oil and gas subsidiary to form Atlas Energy Group.
The SEC claims that Cooperman used information about Atlas Pipeline’s sale of a natural gas plan in Oklahoma to purchase the stock. Once the information about the sale went public, Cooperman’s stock increased by one-third in value, according to the complaint. The SEC says that Cooperman later attempted to cover up his trade and lied about the trade and access to non-public material after he received a subpoena.
For more information on The White Law Group’s investigation of Atlas Partners, see: Atlas Resource Partners LP Files for Bankruptcy Protection.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois. The firm represents investors in FINRA arbitration claims throughout the country. Visit our homepage to learn more about the firm. For a free consultation, please call 888-637-5510.
Tags: Atlas Energy group class action, Atlas Energy group complaint, Atlas Energy group insider trading, Atlas Energy group lawsuit, Atlas Energy group Leon Cooperman, Atlas Energy Group litigation, Atlas Energy group losses, Atlas Energy Group stock, Atlas Resource Partners bankruptcy, Atlas Resource Partners class action performance, Atlas Resource Partners complaint, Atlas Resource Partners investigation, Atlas Resource Partners lawsuit, Atlas Resource Partners lawyer, Atlas Resource Partners losses, Atlas Resources Series 30-2011 attorney, Atlas Resources Series 30-2011 class action, Atlas Resources Series 30-2011 complaint, Atlas Resources Series 34-2014 attorney Last modified: September 21, 2021